Report says biometrics in healthcare market to total $12.5B by 2024

Market analyst firm Tractica published a new report entitled “Biometrics in the Healthcare Industry”, which provides a 10-year forecasts for the period from 2015 through 2024 in which the worldwide healthcare biometrics market will reach a cumulative revenue of $12.5 billion by 2024.

The report forecasts that the global healthcare biometrics market will grow from its base of $250 million in 2015 to reach $3.5 billion by 2024.

“The outlook is strong for healthcare biometrics, however it remains a nascent market,” said Bob Lockhart, principal analyst at Tractica. “Success stories are scarce; even large healthcare networks are barely dipping their toes into the water, with early proofs of concept.”

Biometrics firms will face a key challenge in developing the right sales channels in order to succeed in the healthcare market, Lockhart said.

This challenge stems from healthcare facilities failure to shop directly for biometrics technology, and instead, seek fully integrated business and technology solutions which may or may not include biometrics.

Considering this, vendors must therefore ensure that biometric technologies are integrated into their solutions.

In the report, Tractica anticipates that the key healthcare use cases will include home/remote patient access, care provider authentication, patient identification and tracking, and pharmacy dispensing.

The report examines four use cases specific to healthcare, with a focus on biometrics to identify and authenticate people instead of diagnosing or treating patients.

Additionally, the report forecasts revenue, device shipments, and software licensing volumes of these use cases.

Previously reported, Transparency Market Research published a new report that projected the global healthcare biometrics market will grow to US$5.8 billion in 2019, from approximately US$1.2 billion in 2012.